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Monday, June 14, 2010

RM3b boost for Naza TTDI's Platinum Park

The Platinum Park is a high-end integrated residential and commercial lifestyle properties in the Kuala Lumpur City Centre area, worth RM4 billion.

Naza TTDI Sdn Bhd's Platinum Park project in Kuala Lumpur will see a new wave of development as the property developer launches lifestyle properties worth about RM3 billion next year and in 2013.

The 3.68-hectare Platinum Park is a high-end integrated residential and commercial development in the Kuala Lumpur City Centre (KLCC) area, worth RM4 billion.

Group managing director SM Faliq SM Nasimuddin said Naza TTDI will introduce its first residential property - a luxury serviced apartment, by early next year.

It will next launch a high-end condominium towards the end of 2011 or by early 2012.
Faliq said the towers may be named Platinum Park Suites and Platinum Park Residences, respectively.

He said there will be more than 200 units of serviced apartments, with sizes ranging from 500 sq ft to 1,100 sq ft offered to retail investors.

The condominium tower will have more than 100 units, ranging from 2,000 sq ft to 3,500 sq ft.

"We will sell individual units but if we get a good offer for an en bloc, we will consider," he told Business Times in an interview in Shah Alam, Selangor, recently.

Faliq said Naza TTDI will build niche lifestyle retail outlets with some 200,000 sq ft of space.

The final component of Platinum Park will include a luxury five-star 50-storey hotel, where construction will start after 2012.

Faliq said Naza TTDI is in negotiations with several international operators in Asia Pacific and Europe to run and manage the hotel.

Naza TTDI is also in talks with local and foreign investors who are keen to form joint ventures with the company to build the hotel or buy it over.

"We have several options. The end deal will depend on what we have on the table," Faliq said.

Naza TTDI will look at a few financing options to fund the lifestyle components.

"I am very excited with the Platinum Park development. My aim is to make it the most iconic project here. We are targeting to complete this project by 2016 or 2017," Faliq said.

Work in progress include three office towers, which will be built between March and December in 2013.

They include the 50-storey Naza Towers, which will be the Naza Group of Companies' new headquarters, and a 50- and 38-storey tower for plantation group Felda and a government-linked company, respectively.

The towers are designed to be "green buildings" through the efficient use of energy, water and materials.

Naza TTDI will apply for certification under the Green Building Index of Malaysia.

By Business Times

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